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8-K - FORM 8-K - CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. | d8k.htm |
China Security & Surveillance Technology Establishes Special
Committee to
Evaluate any Going Private Proposal
China Security & Surveillance Technology, Inc. (CSST or the Company) (NYSE:
CSR; Nasdaq Dubai: CSR), a leading integrated surveillance and safety solutions
provider in the P.R.C., today announced that it has established a special
committee (the special committee) to consider the letter received by its board
of directors from its Chairman and Chief Executive Officer, Mr. Guoshen Tu ("Mr.
Tu") on January 28, 2011, and to evaluate any proposal that Mr. Tu may make as
stated in the letter. In that letter, Mr. Tu stated that he is considering the
feasibility of developing a proposal to acquire all of the outstanding shares of
common stock of CSST not currently owned by Mr. Tu in a going private
transaction. There can be no assurance that any proposal for a transaction will
be made, that any agreement will be approved or executed or that any transaction
will be consummated.
The special committee is composed of the Company's three independent directors:
Mr. Peter Mak, Mr. Runsen Li and Mr. Robert Shiver. The special committee was
directed to consider Mr. Tus interest and any proposal made by him, and the
Special Committee will retain independent legal and financial advisors to assist
it.
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China, CSST designs, manufactures, sells, installs, services
and monitors electronic surveillance and safety products and solutions,
including related software, in China. Its customers are mainly comprised of
government, commercial, industrial and education entities. CSST has built a
diversified customer base through its extensive sales and service network that
includes branch offices and distribution points throughout China. To learn more
about the Company visit http://www.csst.com
Safe Harbor Statement
This press release may include certain statements that are not descriptions of
historical facts, but are forward-looking statements. Such statements include,
among others, those concerning the going-private transaction, as well as all
assumptions, expectations, predictions, intentions or beliefs about future
events. Forward-looking statements can be identified by the use of
forward-looking terminology such as will, believes, expects or similar
expressions. Such information is based upon expectations of our management that
were reasonable when made but may prove to be incorrect. All of such assumptions
are inherently subject to uncertainties and contingencies beyond our control and
based upon premises with respect to future business decisions, which are subject
to change. We do not undertake to update the forward-looking statements
contained in this press release. For a description of the risks and
uncertainties that may cause actual results to differ from the forward-looking
statements contained in this press release, see our most recent Annual Report on
Form 10-K filed with the Securities and Exchange Commission (SEC), and our
subsequent SEC filings. Copies of filings made with the SEC are available
through the SECs electronic data gathering analysis retrieval system at
http://www.sec.gov
For further information, please contact:
Company Contact:
Stacy Yan
China Security & Surveillance Technology, Inc.
Tel: +86-755-8351-5634
Email: ir@csst.com
Investor and Media Contact:
Patrick Yu, Fleishman-Hillard Hong Kong
Tel: +852-2530-2577
Email: patrick.yu@fleishman.com